Requires the MTA to submit an annual report on all contract cost overruns that exceed one million dollars

Requires the MTA to submit an annual report on all minor and major contract cost overruns; establishes such report shall include a list of all contracts where overruns exceed one million dollars, all contracting firms involved, the winning bid amounts, the actual costs incurred, a description of the project, completion delays, and an analysis of why the contract bid amount was exceeded.